Homework: ERC20

Ethereum 101
#261

  1. The ERC-20 standard enables wallets, exchanges, & the whole community to be on the same page regarding naming conventions, parameter conventions & standards so different chains can communicate clearly with the wallets and exchanges. This is a huge benefit to the crypto space as a whole.

  2. balanceOf() - Provides # of tokens held by a given address.
    transfer() - Transfers tokens from one address to another.
    allowance() - Provides # of tokens to be transferred.
    transferFrom() - Specifies from & to addresses and amount to transfer.
    approve() - Allows address owner to authorize tokens to be withdrawn from their account to another.
    totalSupply() - Gives total amount of tokens contained in the smart contract.

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#262

Answers

  1. Standars like ERC20 allows wallets and exchanges to easily add new tokens, having common function name in their code.

  2. Some common functions in ERC20 are:

  • totalSupply() --> returns the total supply of a token;
  • balanceOf() --> provides the number of token held by a given address;
  • transfer() --> transfers a number of tokens directly from the message sender to another address;
  • allowance() --> provides the number of tokens allowed to be transferred from a given address by another given address;
  • approve() --> gives a token holder approval to transfer a certain amount of tokens:
  • transferFrom() --> gets money from the called up to specified allowance.
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#263

1- It helped to standardize all the tokens in the same way, it enables the tokens to be compatible, fungible, to have the same naming conventions as they use the same functions. It enable Dapps to communicate with each other. Without those standards communication between dapps would not be possible.

2- Functions allow users to find out the balances of accounts as well as to transfer them from one account to another under varying conditions.
balanceOf() = function provides the number of tokens held by a given address.

transfer () = function transfers a number of tokens directly from the message sender to another address. Fine for sending tokens from one user to another, it doesn’t work so well when tokens are being used to pay for a function in a smart contract.
doSomething () = execute the contract
approve () = allows another address to access a certain amount of tokens.
transferFrom () = transfers tokens from a specified address to another specified address.
allowance () = total of existing tokens available to send.

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#264

  1. Every wallet and every exchange can rely on the same tokens language

  2. Functions like Transfer() to send tokens from one to onother address
    or totalSupply() to know the total amount of tokens

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#265
  1. Allows applications like wallets and exchanges to interact with the token.
  2. Some functions within the ERC20 token standard include:
  • balanceOf( ) This tells us how many tokens are currently within a specific address
  • transfer( ) Transfers a number of tokens to a specific address
  • ‘doSomething()’ Does something :slight_smile:
    and etc.
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#266

What are the benefits of setting a token standard like ERC20?
The benefits are:

  • Wallets and exchanges can provide day 1 support.
  • Interoperability between smart contracts. By using a standard there will be the same naming conventions, same parameter conventions etc. This allow for easy development of applications that can communicate with each other.

What functions are in the ERC20 Token Standard Interface and what do they do?
Functions in the ERC-20 are:

  • balanceOf() è Returns the balance of an address.
  • transfer() è Send a certain amount of tokens from the sender to the recipient.
  • totalSupply() è Returns the maximum supply of the token.
  • approve() è The token holder gives permission to another address to transfer a certain amount of tokens .
  • allowance() è Returns the number of tokens that can be transferred from a given address by another given adress.
  • transferFrom() è This function gives the command to transfer the tokens from the given address by another address.
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#267

The benefits of setting a token standard like ERC20 , is that these tokens can be accepted and used between many exchanges and wallets. The tokens will function in the same way, which is what we call fungible tokens.

Functions in the ERC20 token are, totalSupply ( ) , which reveals how many tokens are in circulation and balanceOf ( addressaccount), allows access to the balance of an address…

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#268
  1. So that every token that is based on this standard has the same functions thus the same wallets and same code can be used to integrate them into a platform. This simplifies things tremendously.
  2. E.g totalsupply() which gives the total supply. Plenty other functions like balanceof() or transfer()
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#269

  1. Its main benefit is that it brings efficiency as we aligned around the same standard. ex wallets provides for all token, easily exchnage of tokens and so forth.

  2. totalsupply( which gives total supply of the token, balanceof () gives the balance of the users, allowance () tells you how many token are allowed to be transfered, etc.

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#270

  1. An ERC20 standard allows wallets and exchanges to be programmed to support any token using that standard. This is much simpler and scalable than each token having its own personalized code.

  2. totalSupply() gives maximum number of tokens that exist
    balanceOf(address account) gives a public addresses’ balance of ERC20 tokens
    transfer() allows someone to transfer their ERC20 tokens to another public address
    [/quote]

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#271

  • What are the benefits of setting a token standard like ERC20?
    It makes tokens identical. It standardizes the way it deploys or programs tokens on Ethereum. All tokens on ERC20 are fungiable tokens

  • What functions are in the ERC20 Token Standard Interface and what do they do?

Total supply function provides how much ERC20 token an account has and how many are in the supply

Balance of function gives the address of the balance.

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#272
  1. To provide a common set of features and interfaces for token contracts in Ethereum.
  2. balanceOf() they give the total supply of the fungible asset.
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#273
  1. Everyone writing smart contracts will use the same exact phrases to write the functions. This allows users and wallets using this standard to understand each other and the smart contract itself.
  2. totalSupply ()will show the total supply,
    balanceOf( address account ) provides a balance of tokens for a specific address
    transfer () allows you to transfer tokens from one address to another
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#274

  1. streamlines the entire process of making new tokens

  2. totalsupply it provides a standard way of naming the total toke supply value

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#275
  1. when you have a standard like the ERc-20 standard. it does not matter what token
    currently exist of you create new. if following the standard. they can all communicate
    with each other. wallets, exchanges and such.
  2. Total supply function which gives you the total supply of the token.
    Balance of function which gives you the balance of a particular wallet address.
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#276

  1. So every wallet, blockchain explorer or exchange compatible with the standards can, effortless, be compatible with future tokens coded on this standard.

  2. totalSupply, balanceOf are amongst the standard functions.

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#277
  1. What are the benefits of setting a token standard like ERC20?
    When a standard is reached in any project it allows for other to easily understand and interact with it. in terms of erc20 it allows exchanges and wallets to easily list or allow tokens.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() this function retrieves the entire supply of said token
    balanceOf(address account) this function retrieves the balance of a certain account
    transfer() allows someone to send or receive said token.
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#278
  • What are the benefits of setting a token standard like ERC20?

The benefits of having a set standard like ERC20 results in a whole ecosystem that can work together. Unlike the current paradigm where individuals must fill out paperwork to transfer data from one institution to another. After which those institutions may send out a hard file or a digital. Taking data from one ERC20 token into another can be a simple send and receive request.

  • What functions are in the ERC20 Token Standard Interface and what do they do?

There are a few functions for ERC20 tokens that we have gone over so far, including but not limited to;
-‘totalSupply()’ which shows the total amount of tokens in circulation
-‘balanceOf()’ which shows the balance of any address we enter
-‘transfer()’ which can confirm if an amount has been transferred
Others that we have yet to go over include;
‘allowance()’
‘approve()’
‘transferFrom()’
‘approval()’

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#279

  1. With a token standard like ERC20 the benefits are that all wallet will not have to adapt to each token, and it is much easier de develop your own ERC20 Token.

  2. totalSupply() - Total number of token
    balanceOf() - Number of token in a specific account
    and much more…

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#280

1. What are the benefits of setting a token standard like ERC20?
The use of a standard language facilitate the interactions within the network.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() gives the total supply of the token.

balanceOf() takes the address of an owner as the input and gives the balance of the users as output.

allowance() takes in the address of the tokenOwner and the spender and gives as output, the number of tokens allowed to be transferred from a given address by another given address.

transfer() takes in the address of the receiver and the funds which are to be sent to the account. It then gives a boolean output value which is either true or false. True means that the amount was transferred successfully whereas false means the amount could not be transferred.

approve() can approve someone to spend from your account. This function takes the address of the spender along with the coins to be spent as the input and tells whether the transaction was a success or a failure.

transferFrom() takes in three inputs — the address of the sender, the address of the receiver, as well as the number of tokens to be transferred. It again gives an output to notify the success or the failure of the transfer.

In addition to these 6 mandatory functions, there are 2 events also — Transfer() and Approval() . The Transfer() event produces the details of the transaction which resulted in the movement of tokens from one address to the other, whereas the Approval() event gives the details of the approval of tokens.

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